Orange County home prices inched down from a record high in May, though the number of sales in the county showed a modest increase from a month ago, according to a report Tuesday.
The median price for a detached OC home sold in May was $724,260, down 1% from April, according to the California Association of Realtors. April’s $729,370 median price was a record for OC.
May’s median sales price was up 2.9% from a year earlier, well below the double-digit gains that have been common during the past few years.
The pace of OC home sales picked up in May, increasing 8% from April. But the sales of detached homes in the county were off 21% from a year earlier.
The realtors association excludes condominiums from its figures.
Including condos, the median price of a home sold in OC was $635,000 in May, up 8% from a year earlier, according to La Jolla-based market tracker DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.
The statewide May median price of a detached California home was $564,430, up 0.5% from April, and an increase of 8% from a year ago, the California Association of Realtors reported.
Statewide sales were down 21% in May from a year earlier, the same decline seen in April.
The median number of days it took to sell a single-family home in California was 44 days in May, an increase of two days from a month ago, and up 17 days from a year ago.
Laguna Beach had the state’s highest median home price in May, at $1.7 million. Newport Beach was the fourth-priciest city in the state, at $1.3 million.